Watch to find out how much San Diego home prices went up this past month despite mortgage rates hitting 8%. What's going to happen now that rates have fallen to 6.64%?    

San Diego Home Prices continued to trend downward this past month - how much did home prices fall and where are they going? Watch this video to find out.  

  Real estate home prices have remained resilient this past month here in San Diego as we continue through the fall season, and we're covering exactly what's happening with the local real estate market. If you're planning on buying or selling a home, hey everyone, Curtis Chism here, and if you are looking to make a move, just give me a call, text, or email, and let's chat. And if you happen to know someone that's looking to buy or sell a home, just pass this video on to them and have them give me a shout as well. Home prices did decline slightly this past month with what we're seeing in the most recent information from September; however, mortgage rates have dropped to the low 7%, likely spurring some of the buying that we saw over this past month and that price resilience. As we're heading through October, mortgage rates have hit 7.8%, the highest in over 20 years, and this does seem to be slowing down home sales and prices. Buyer activity has been slumping off as rates have been heading up; however, the FED has indicated they will hold off for some time raising rates, which is good news for future mortgage rates. Despite the higher rates, home prices here in San Diego did drop slightly but held relatively steady, dropping to an even million from $125,000, up from 75,000 a year ago. Our final sales to list price did fall a hair below 100%, indicating that prices probably will likely start to come down over the next couple of months. Condos also fell slightly this past month, down $177,000 to $660,000. We're also seeing inventory levels rise to some of the highest we've seen in quite a while, but overall, the supply of homes is still fairly low. Now, if a home is priced really well, it is selling in about a week. Expect to pay full price or maybe a little bit more, but if it's overpriced, it is sitting on the market and taking a very long time to sell, requiring price reductions and credits to the buyer. Now, if you are looking to buy a home, here's what I would suggest: if you're able to afford the current payments and looking at staying in your home for 5 to 10 years, then it can really make sense for you to go ahead and buy since you'll weather any ups and downs in the real estate market. If you're only looking to live in it for a couple of years, then I'd probably really caution against buying at the moment. Now, if you are planning to sell a home, we really need to take a good look at your home and come up with the right strategy to successfully market and sell your home. Sometimes a home needs a lot of repairs, remodeling, upgrades prior to hitting the market, like paint, carpet, landscaping, and roofing work, and other times it just needs to be decluttered and thoroughly cleaned. Now, just give me a call so we can put together a customized plan to sell your home on the best terms that you're looking for. If you are wanting to get an idea of what your home might sell for in today's market and where we should price that at, just give me a call, and I'll run a no-obligation home valuation for you. That's a complete overview of the housing market here in San Diego. Leave me a comment or email me back; let me know what you thought, and I'll see you on the next video